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LearnFAQImmigrant & NRI Finance

How is FATCA Form 8938 different from the FBAR?

Answer

Form 8938 (Statement of Specified Foreign Financial Assets) and the FBAR overlap but are separate filings with different rules. The FBAR goes to FinCEN with a flat $10,000 aggregate threshold; Form 8938 is attached to your IRS tax return and has much higher, residence-based thresholds. For a single filer living in the U.S., 8938 kicks in at $50,000 on the last day of the year or $75,000 at any point; married filing jointly it's $100,000 / $150,000. Thresholds are roughly four times higher if you live abroad. Form 8938 also covers more than bank accounts — it includes foreign stocks, partnership interests, and certain foreign-issued instruments. Many people must file both forms reporting the same accounts; that duplication is intentional. Don't assume filing one satisfies the other. A tax pro familiar with cross-border filings can confirm which apply to you.

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